Phoenix Realty Group (PRG) announced the acquisition of an apartment portfolio for three properties containing 432 units in San Bernardino and Highland, California. The entire portfolio sold for $21.5 million, and Phoenix acquired it from a lender that had taken over the assets in 2009.
The properties had gone through a period of distress and neglect, with poor management and maintenance. After aggressive rehabilitation and management by the lender, the occupancy is up to 95 percent, and the conditions are much improved. This allowed PRG to receive “attractive” financing from Freddie Mac.
According to Edward Ratinoff, managing director of PRG’s national acquisitions, the properties were in bad shape, “But aggressive management and capital improvements restored these properties into the type of middle-market, family-friendly apartments that our institutional real estate funds target…”
The stabilization of the properties was the work of Coastline Real Estate Advisors. The properties are all located in the Inland Empire area, providing homes for renters employed at companies like Arrowhead Regional Medical Center and California State University San Bernardino.
Ascot Park is a 160-unit two-building community in San Bernardino. Summit Place, also in San Bernardino, is an 80-unit, 10-building community. Finally, Park Heights is located in Highland and has 192 units in 15 two-story buildings.
Phoenix Realty Group specializes in rental and for-sale residential properties, commercial properties, mixed-use properties, and low-income tax-credit housing. It currently manages investments in real estate development and acquisitions totaling $2 billion. Coastline Real Estate Advisors Inc. is a property management, consulting and investment, and construction management company that maximizes investment returns and unlock a property’s value.